Tax Talks

Jamie Johns grew his firm to an annual turnover of $5m heading towards $10m. As a mentor at Wize Mentoring he has a unique view into what helps us grow.

How AI boosts your SMSF processing - the challenge is to know what your software is capable of.

In this episode, let’s speak with Rachel Harris about what StriveX does to really woo their staff and really look after them and how that contributed to their amazing growth.

How social media helped StriveX to grow and how they manage to get so many referrals.

StriveX grew from 50k to 1m in 3.5 years - here is how they did it.

In this episode, you will hear from James Carey of Prime Partners in Sydney how they built their app stack.

So far you could assume a 2-year amendment period for most SMEs. Not anymore. Here is what the update of Regulations 2015 change for you.

In this episode, we ask Bradley Murphy and Darren Catherall of Murphy Tax in Sydney six questions about foreign trusts and companies.

When we talk about trust distributions, we always mention the possible assessment of the trustee. Especially when a trust distribution goes wrong, But what does that actually look like?

s99B Carve-outs are your way out. They protect you from s99B ITAA 1936.

s99B ITAA 1936 is about foreign trusts paying accumulated income to Australian resident beneficiaries. Take away one of these elements, and you don't have a s99B issue.

From 2009 until October 2023, a UPE to a company was always a Div 7A issue. Not anymore. As Andrew Henshaw of Velocity Legal in Melbourne will tell you.

Hubspot for accountants - does that really work? Can Hubspot give us what we as accountants and tax agents need to run our practice?

In this episode we will talk with Nathan Reiche of Content Chemistry about CRMs for Accountants.

Div 6E income is relevant when your trust income includes capital gains and/or franked distributions. Then Div 6E will avoid double taxation.

The 1884 Upton v Brown court case is of great importance in taxation. It involved Upton and Brown, beneficiaries of a discretionary trust, where one had income rights and the other controlled the trust's capital.

There are many s100A pain points - let's cover five in this update.

Let's go to the very start and look at trust income. Because we need to understand trust income before we can talk about trust losses.

The theory around foreign trusts is confusing. So in this episode let's use a New Zealand trust as a foreign trust example.

Foreign trusts are not an issue per se. Nor are resident trusts. It really depends. But if you do have a foreign trust, watch out for s99B ITAA 1936. That is a really dangerous one.

An asset protection trust (aka equity split) does not give you 100% protection but it helps. Each layer you use increases your protection from creditors.

Asset protection layers can get pierced through. None is watertight. But the more layers you have, the more protected you are.

Asset protection silos are to ringfence the assets of one business from the creditors of another.

Here are five transfer pricing examples that cover common transfer pricing issues.

A reasonably arguable position - a so-called 'RAP' - is essential to protect you from penalties and interest for incorrect transfer pricing.

All electronic signature questions you ever wanted to know you find in this episode of Tax Talks. Please listen in.

The legislative framework of electronic signatures is confusing - to say the least.

Child support lump sum payments are often favoured by mothers and might improve the relationship between parents.

Child support non-agency payments are payments to third parties credited to a child support liability.

The two s100A B Blood and Guardian cases cover some very specific scenarios. And not common examples.

Updated s100A TR and PCG - get the updated review of ATO's approach to s100 issues. Avoid reimbursement arrangements.

TR 98/4 situations 4 and 5  are about non-arm's length income and arrangements.

TR 98/4 is about child maintenance trust arrangements. It lists five scenarios where the CMT does not qualify for excepted income.

Child maintenance trust income - this is the second part of our interview about the excepted income in child maintenance trusts.

CMT excepted income is what a child maintenance trust is all about. If you don't have excepted income, then there is little point in having a CMT.

How is an electronic signature safer than a wet signature? When and why do we still need a witness? And what are the elements of a System of Agreement? These are just some of the questions we will cover today with Jennifer Lauchlan and Marcus Hannah of Docusign.

You have seven options to qualify for the simplified transfer pricing record keeping as outlined in PCG 2017/2.

Transfer pricing is an issue whenever you deal with an associated entity overseas.

Let’s look at what Taxopedia’s pipeline looks like from the first lead contact to the signing of tax returns. What apps do they use and how do they use them?

Small business litigation funding sounds great but the devil is in the detail. There will be a substantial funding gap. Who pays that gap?

Bitcoin is not a currency - at least that is what the AAT says in Seribu Pty Ltd v CoT in 2020.

'In the Black accounting' covers the final three concepts in the book 'In the Black'.

'In the Black Marketing' - the title of this episode - covers the medium and long-term marketing principles outlined in Allen Bostrom's book 'In the Black".

'In the Black Marketing' - the title of this episode - covers the medium and long-term marketing principles outlined in Allen Bostrom's book 'In the Black".

Nothing happens until there is a sale’. That is the first concept - the first of nine - in Roger Knecht’s book ‘In the Black”. In this book, Roger Knecht outlines nine principles to make your practice more profitable.

The non-commercial loss provisions for partnerships are no different from the ones applying to sole traders. There are just some additional rules that apply.

Late payment of super has always been a problem but now with Single Touch Payroll, it has become a much bigger problem, especially the late payment of super for director wages.

The ASIC portal lists the registered share capital for each company. It lists the class of shares as well as their payment status. In this episode, Damien Lehmann of Lehmann Law Group will walk you through the intricacies of registered share capital.

A child support subpoena issued by the child support agency or the court poses a risk for the paying parent.

PSI in child support assessments is tricky. Even when you pass the PSI rules and have a PSB, the agency can override this.

The 4P framework is a helpful tool to work out how to grow your accounting practice.

Repricing existing clients is one of the hardest things to do when growing your firm.

PCG 2022/D2 gives you a safe harbour for non-commercial business losses; Ben Miller of Wolters Kluwer explains.

What are a direct hire’s strong points? What speaks for not going through an agency but hiring your staff directly?

We went through 17 arguments for renting your staff through a labor-hire agency. Today let’s look at direct hire. What are direct hire’s strong points? What speaks for not going through an agency but hiring your staff directly?

ASIC deregistration of insolvent companies can be a deliberate strategy.

As your business struggles, when is it time to call it a day? Here is Ben Sewell with nine more questions to ask.

What should you do when your business is struggling? There are 19 questions to ask.

How to hire offshore staff - only 2 steps but there is a lot in there.

How to find your offshore staff - nine steps to find who you need. From advertising to shortlisting and interviews.

Queensland land tax is changing from 1 January 2023. But since land tax is based on land holdings as of 30 June, this change won't hit you until some time after 1 July 2023.

This latest report was published in August 2022 and covers developments up until 31 March 2022. The June numbers are not out yet. In this episode, Kevin Zhang, Technical Compliance Manager of Class, will walk you through the main findings of this report.

A disclaimer of trust income used to be easy - not anymore as Andrew Henshaw of Velocity Legal in Melbourne will tell you.

The Carter Case changed everything. You can no longer disclaim a trust distribution for income tax purposes.

What is it like to work in a labour hire agency in the Philippines? Get an insider view on moonlighting and staff poaching.

Charitha Wasala tells you how he set up his own direct offshore team in Sri Lanka and manages his teams - directly without an agency sitting between him and his people.

Offshore labour hire has become a very popular solution. Listen to three Australian accountants about their experiences.

When you structure across the US - AU border for tax purposes, you easily run into the following six tax questions.

When your clients plan an expansion into the US, they will most likely ask you how to structure this.

How you structure your investment into US public and private markets depends on the following seven factors as Peter Harper of Asena Advisers will tell you in this episode.

Will a Div 7A Loan write-off trigger a deemed dividend under s109F ITAA36? That is the question.

Distributable surplus is one of five Div 7A quick fixes. If you have no distributable surplus, no deemed Div 7A dividend.

Amendment periods determine how much time you have to fix an issue. Within the amendment period you can still fix things. Outside you can’t - unless the commissioner grants you an exemption.

Inventory management and point of sale systems go hand in hand, but the focus is different. The systems we will discuss in this episode start with point of sale (POS) and then added inventory management (IM). The systems we discussed in the last episode started with IM and then added POS.

Inventory management systems focus on inventory. They cover point of sale but started in inventory.

Holding a 401K as an Australian tax resident can cost you a lot of tax - but there are ways around it.

Today let’s talk with Bradley Murphy and Darren Catherall of Murphy Tax Lawyers and Advisors in Sydney about the CGT implications when you move from the US back to Australia. And whatever we discuss with respect to Australian tax will apply to relocations from other countries as well. So for Australian tax - disregarding any treaties - it doesn’t matter where you are coming from.

In this s100A Q & A session in our mini-series about s100A ITAA36 we go through all the outstanding questions you still had.

Blue zone arrangements can be saved. With a few tweaks, you can usually move back into the green zone.

The Guardian case will give you a better defence when accused of a so-called 'washing machine arrangement'.

The Jamsek case - together with the Personnel Contracting Case - changed everything as Sam Harverey will tell you.

To decide whether somebody is an employee or contractor, you used to look at the totality of the relationship based on the actual facts. You used to look at the actual work, how the employee is actually working. But this has changed as Sam Harvery of Laxon Lex Lawyers  in Sydney will outline in this episode.

In this TPB Q & A we ask the TPB three important questions about branding, overseas staff, and supervision.

A resident director usually fulfills just one specific role. And that is to meet the ASIC requirement that one director of a private Australian company must reside in Australia.

In this episode, Adam O'Grady, Assistant Commissioner of the ATO, will discuss the taxation of crypto with you.

s100A ITAA36 is about reimbursement arrangements. I pay you something and then you pay me straight back - that sort of arrangement.

So the ATO has been busy – and has issued not one, not two, not three, but four publications in one hit about s100A ITAA97 around unpaid present entitlements and reimbursement arrangements. Today let’s focus on TD 2022/D1 which covers the Div 7A issue around unpaid present entitlements.

What is a staking pool and why would you stake your crypto? And what is a rug pull? These are just some of the questions Harrison Dell of Cadena Legal in Sydney will discuss with you in this episode.

Without a basic understanding of crypto blockchains, you can’t really understand the basics of crypto. So in this episode le’ts talk about crypto blockchains.

In this episode, let's talk about the common distinction between investor v trader, airdrops and rug pulls in smart contracts, and how this is taxed.

How LLC income is taxed in the US  - disregarding any treaty position - depends on three things as Gary Carter will tell you in this episode.

The subdivision of land is not a CGT event itself, but it often comes along with one as Andrew Andreyev will tell you in this episode.

A single member LLC is a disregarded entity for US federal tax purposes. The Australian entity assumes all US federal tax obligations instead.

CGT event K6 never happens alone - it is always triggered by another CGT event as Andrew Henshaw will tell you in this episode.

Div 7A past amendment periods might allow you to get out of jail tax-free.

From PI over FYI and Suite to KarbonHQ - here is Amy Holdsworth with a helpful overview.

Ten thousand Clients - that is what Lucy Cohen of Mazuma Accountants is aiming for. Here she tells you what she is doing to get there.

Pitch your nitch - if this was easy, we would all be doing it. But it isn’t. So let this episode give you some food for thought.

For US citizens living in Australia, the US taxation of Australian SMSFs is a huge question.